Maruti Suzuki Reports First Quarterly Loss In 17 Years: 10 Things To Know
- Maruti Suzuki posts Rs 249.4 crore net loss in June quarter
- COVID-19 lockdown affects sales of country's top carmaker
- Production, sales started in very small way in May, says Maruti
Here are 10 things to know:
In a regulatory filing during market hours, Maruti Suzuki said its revenue from sale of products came in at Rs 3,677.5 crore in the April-June period, marking a decline of 80.37 per cent compared to the corresponding period a year ago.
Maruti Suzuki sold a total 76,599 vehicles in the first quarter of current financial year. That included sales of 67,027 vehicles in the domestic market, and exports of 9,572 units.
Total income came in Rs 5,424.8 crore in the quarter ended June 30, marking a drop of 73.61 per cent compared to the year-ago period.
However, total expenses - including factors such as cost of material, inventory changes and finance - came down 69.05 per cent to Rs 5,770.5 crore, from Rs 18,645.3 crore a year ago.
Maruti Suzuki said the financial results were not comparable with earlier quarters, due to the adverse impact of the COVID-19 outbreak and the consequent lockdown.
Maruti Suzuki said the April-June period was "an unprecedented quarter in the company's history" owing to the coronavirus pandemic.
The company said it had zero production and zero sales for a large part of the three-month period, in compliance with the COVID-19-induced lockdown stipulated by the government.
In May, both production and sales "started in a very small way", the carmaker said.
Maruti Suzuki shares fell as much as 2.65 per cent to quote at Rs 6,120.40 apiece on the BSE at the weakest level recorded for the day after the earnings announcement, compared to their previous close of Rs 6,287.30.
At 2:16 pm, Maruti Suzuki shares traded 2.31 per cent lower at Rs 6,142 apiece on the bourse, underperforming the benchmark S&P BSE Sensex index which was down 0.98 per cent amid volatile trade.